Registering with the ROAIIB (El Registro de Agentes Inmobiliarios de las Islas Baleares) – What you really need to know
Since May 9, 2024, a new law for real estate agents has been in force in the Balearic Islands to regulate the sector and create more transparency.
Real estate agents have until November 9, 2024 to take the necessary steps to register in the Real Estate Register (ROAIIB – El Registro de Agentes Inmobiliarios de las Islas Baleares).
But what does this mean in concrete terms?
Here is an overview of the most important points.
Why is there a new law?
The aim of the new decree is to better regulate the real estate industry on the Balearic Islands and to curb so-called “regular estate agents”, as well as to protect owners and buyers.
It is intended to ensure that only qualified people work as estate agents.
How does registration in the ROAIIB work?
Anyone wishing to register as a real estate agent must meet at least three of the four requirements: 1st postal address in the Balearic Islands:
It can be a business address or a private address.
Even estate agents who mainly work online or are based in Germany can register with an address in the Balearic Islands (for example via a Gestoria).
The law explicitly allows telematic real estate agents. 2. proof of experience or training:
There are several possibilities:
- At least four years of experience in the real estate sector (however, there are no clear guidelines on how to prove this).
- A university degree in Spain in areas such as law or real estate management.
A foreign degree must be recognized/homologized. - A 200-hour course at a certified training institute in Spain.
3. liability insurance – Seguro de responsabilidad civil:
This must have cover of at least 100,000 euros. 4. deposit insurance – Seguro de caución or bank guarantee:
In the amount of 60,000 euros.
This insurance is only mandatory if the real estate agent accepts the down payment for a property purchase.
However, if the down payment is processed via a notary’s escrow account or lawyer’s escrow account, this insurance is not mandatory.
Once these four points have been met, the application can be submitted online and registration takes just a few minutes.
What applies to different types of companies?
- Sole proprietor (Autonomo):
Every Autonomo must fulfill all four requirements.
- Several Autonomos acting as one company to the outside world:
Either every Autonomo fulfills the requirements, or only the person who signs the contracts.
- companies (SL):
Either the managing director or a partner and a site manager must meet the requirements.
It is important that the person who signs the contracts (the authorized signatory) is registered.
- SL with cooperating Autonomos:
As long as the autonomos do not sign any contracts, only the SL regulation applies.
However, as soon as an autonomo signs contracts, it must also fulfill all four criteria.
Security deposit insurance – an often-discussed topic
Many brokers believe that they do not need deposit insurance because they do not accept or have never accepted deposits themselves, but process them via a notary’s escrow account. After a telephone call with the ‘Dirección General de Vivienda y Arquitectura’, this insurance is only required if you accept deposits as a real estate agent.
However, the law stipulates that every registered broker must have this insurance – without exception.
There are two ways to take out deposit insurance:
- Directly via an insurance company, e.g. Occident Catalana, etc.
- Membership of a real estate association such as API, AIB, api or ABAI, which often offer insurance as part of their service package.
If you need further information and recommendations, please contact us directly.
Proof of professional experience – how exactly?
There is further uncertainty regarding proof of four years’ professional experience.
The law does not provide any precise guidelines as to how this is to be proven.
It can be done, for example, via the entries of the corresponding epigraphs or other proof of activity such as Vida Laboral.
The President of the Ministry also mentioned at one of the related events that social media can also serve as proof if it shows that you were already working as a real estate agent 4 years ago. In the application form, however, it is sufficient to check one of three boxes: University degree, 200-hour course or more than four years’ experience.
No proof of verification is required.
Further important details
- If you only sell one property per year, you do not need to register.
- Everyone who signs contracts in the real estate sector must be registered (except owners who only sell one property per year).
- From November 9, 2024, the law will stipulate what a brokerage contract must look like.
A template can be downloaded from the ministry’s website and adapted to your own corporate design. Broker contract template - A property may only be advertised and marketed online with a valid brokerage agreement between the owner and broker.
However, there will certainly be similar solutions to the energy certificate – ‘in progress.
Conclusion: Registering with ROAIIB – quick and easy
If you meet all the requirements, you can complete the registration process online in just a few minutes.
There is no verification of information – the process is based on trust.
To register online, you will need an electronic certificate and the Autofirma software on your computer to sign the documents digitally.
Go to the website below, log in with your certificate and fill out the two forms.
Within seconds you will receive the ‘Justificante’ with the Numero de Registro on it.
This is a provisional number until November, as the Ministry is not yet finished with the technical implementation. The registration number must then be indicated everywhere with the ROAIIB logo, as here on our website in the footer below.
Contracts, online advertising etc. must also be provided with the registration number. Link online registration ROAIIB -> Then scroll down here and select ‘Inscripción de agentes inmobiliarios de las Islas Baleares’ and then ‘Inscripción de agentes inmobiliarios de las Islas Baleares’ (changed on 05.10.2024 – deposit insurance area)
